Dalian coking coal hits 13-month high amid safety checks

Chinese coking coal prices hit a 13-month high on Friday, spurred by expectations of short supply due to safety inspections at coal mines and firm demand at steel mills. The most-active coking coal futures on the Dalian Commodity Exchange hit 1,433 yuan ($205.97) a ton when the market opened, a level last seen in September 2017. The contract closed 1.1 percent higher at 1,409 yuan. China’s coal mine safety watchdog said this week it will inspect all mines across the country from late-October to end-June next year in a bid to improve safety conditions. The move follows a coal mine accident in eastern Shandong province last Sunday that killed eight people. So far, 41 coal mines in the province have been ordered to halt production for security checks. Prices for coking coal, a key steelmaking raw ingredient, have also been bolstered by strong demand from steel […]